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What Do Hedge Funds Think of Penn National Gaming, Inc (PENN)?

As industrywide interest jumped, key hedge funds were leading the bulls’ herd. McKinley Capital Management, managed by Robert B. Gillam, assembled the largest position in Penn National Gaming, Inc (NASDAQ:PENN). McKinley Capital Management had $4.7 million invested in the company at the end of the quarter. Andre F. Perold’s HighVista Strategies also made an $3.1 million investment in the stock during the quarter. The other funds with new positions in the stock are Benjamin A. Smith’s Laurion Capital Management, Matthew Tewksbury’s Stevens Capital Management, and Ken Gray and Steve Walsh’s Bryn Mawr Capital.

Let’s also examine hedge fund activity in other stocks similar to Penn National Gaming, Inc (NASDAQ:PENN). These stocks are Hawaiian Holdings, Inc. (NASDAQ:HA), DigitalGlobe Inc (NYSE:DGI),IPC Healthcare Inc (NASDAQ:IPCM), and Moelis & Co (NYSE:MC). This group of stocks’ market valuations match PENN’s market valuation.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
HA 22 186003 -2
DGI 18 124024 -7
IPCM 15 260403 3
MC 11 45528 0

As you can see these stocks had an average of 16.5 hedge funds with bullish positions and the average amount invested in these stocks was $154 million. That figure was $472 million in PENN’s case. Hawaiian Holdings, Inc. (NASDAQ:HA) is the most popular stock in this table. On the other hand Moelis & Co (NYSE:MC) is the least popular one with only 11 bullish hedge fund positions. Compared to these stocks Penn National Gaming, Inc (NASDAQ:PENN) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

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